Bizongo, the packaging materials marketplace owned by SmartPaddle Technology, has raised $30 million in a Series C fundraise, led by new investor, Switzerland-based hedge fund Schroder Adveq.
Returning investors in the new round include B Capital, Accel, Chiratae Ventures and IFC, according to a statement.
Bizongo had last raised in a $15 million in an extended Series B financing round in July 2019. In May 2018, the Mumbai-based company had raised $22 million in a Series B financing round led by B Capital and IFC. With the fresh infusion, it has now raised about $71.69 million so far, as per data available on VCCEdge.
“…The funds will be deployed to ramp up technology, expand into newer sectors like pharma packaging, and increase Bizongo’s penetration across India,” Aniket Deb, co-founder and CEO at Bizongo said.
Schroder Adveq holds $10 billion in assets under management. Its founder Bruno Raschle is an active investor in India’s technology startups space. Earlier this month, Raschle participated in online mobility startup Bounce’s $97 million Series D fundraise. He also took part in health and fitness startup Curefit’s $120 million Series D round in June 2019.
B Capital is the venture capital firm floated by Facebook co-founder Eduardo Saverin while IFC is the private-sector investment arm of the World Bank.
Bizongo was founded in March 2015 by three IIT graduates Deb, Ankit Tomar and Sachin Agrawal. The company operates as a B2B technology platform providing packaging solutions to small and medium enterprises (SMEs) and large companies across India.
Bizongo also designs and develops packaging for its clients thereby taking care of the entire packaging value chain. Another product offering from Bizongo is Artwork Flow, which is a software as a solutions-based platform that enables digitisation of artwork management processes between teams. Other software products include Design Square and Procure Live.
“Through a technology-based solution, Bizongo has created a unique value proposition in this industry which promises 100% availability of packaging material and no-stock-outs at very low inventory,” said Agrawal, COO at Bizongo.
The startup claims to reduce its packaging material procurement cost by 2-5% at its clients’ end. Bizongo competes with the likes of Industrybuying, Tolexo, BazarA2Z, Alliedhunt, Moglix, among other technology-based startups in the space.